Vogel Company purchased $8,000 of equipment by making a $500 down payment and issuing a note for the remainder.As a result of this event,assets increased by $8,000.

Name: Vogel Company purchased $8,000 of equipment by making a $500 down payment and issuing a note for the remainder.As a result of this event,assets increased by $8,000.
Brand: Quizplus
Rating: 4.9 (51 reviews)

Question

Quizplus · Accepted Answer

Assets (equipment)increase by $8,000 and assets (cash)decreases by $500,for a net increase of $7,500.Liabilities (notes payable)increase by $7,500.

Vogel Company Purchased $8,000 of Equipment by Making a $500